California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

Given the ‘Mortgage Meltdown’ Governor Schwarzenegger is moving forward in signing
3 bills to increase the protection for Californians who own or plan to buy homes.

SB 223 by Senator Mike Machado will make it a crime for licensed appraisers to engage
 in any appraisal activity that is connected to the purchase, sale transfer, financing or
development of property if their compensation is impacted by the final price generated by
the appraisal.

SB 385 also by Machado will permit state agencies involved with residential mortgage
lending and brokering to adopt emergency measures and new policies to ensure that all
mortgage lenders and brokers are subject to federal guidelines on non-traditional mortgages.

AB 929 by Assembly women Sharon Runner increases the amount of affordable housing
in the state by raising the total debt that the California Housing Finance Agency can carry
by $2 billion.

I am Tim Johnson and this has been the California Business Minute.